announced New York-based technology company TQ Tezos announced a new update called Homebase, a new development that allows Tezos users to easily setup and interact with decentralized autonomous platforms (DAOs) to create a community management structure.

The price of the digital currency XTZ reacted positively to the news, as it rose by more than 20% in the wake of the announcement and reached the price of the coin at the time at $3.37, but then declined to the level of $2.86.

DAO allows users of different decentralized projects to take an active part in the decision-making process and vote on new proposals.

Read:Swiss Financial Market Regulatory Authority: Blockchain helps money laundering and supports terrorism

According to the announcement, Homebase is built on a new smart contract framework called BaseDAO that allows users to create and refine a DAO that will govern resources, records or rules.

We are excited to announce the Homebase project.

Homebase will allow anyone to run DAOs on #Tezos In a few clicks based on a smart contract framework called BaseDAO.

Learn more: pic.twitter.com/cCs76KLGzd

– TQ Tezos (TQTezos) Jan 21 2021

The Tezos post explained:

The proposal implemented by BaseDAO can be as simple as transferring some money to an address or as complex as updating the DAO to an entirely new set of rules.

The management of the “Tezos” project explained that the governance process consists of two stages:

Proposal period and voting period.

And “Tezos” added in the clarification by saying:

Initially, Homebase will support basic behavior that users and the community demand from:

Parameter selection (which is similar to Compound) and Treasury management DAOs.

Read:SEC wants to prevent XRP holders from helping Ripple in its case

Over the coming weeks and months, we’ll be enhancing and extending these templates for exciting new applications such as partial ownership of NFT and DAO for simple off-chain voting signals.

It is worth noting that the new update comes after the launch of the main “Delphi” Tezos upgrade announced last November, allowing for faster transactions and lower fees.

Currently, Tezos developers are working on the next upgrade dubbed “Edo” that will bring Zcash-like privacy features to the blockchain.

Grayscale and Tezos:

In a previous article on the Arab Bitcoin website, we mentioned the emergence of new Grayscale records about the names of new investment funds and indices:

What is meant by “Grayscale Chainlink Trust” and is it an investment fund like “GBTC”

Among the names mentioned that “Grayscale” may be preparing to list and offer to institutional investors is “Tezos”.

Read:Attacks on Ethereum 2.0 are possible, but developers promise to patch holes before upgrading…Details here

Grayscale Investment Company is the world’s largest cryptocurrency management and investment platform.

The company owns more than $25.5 billion in various cryptocurrencies (the majority of which are dominated by Bitcoin).

The company already manages 9 mutual funds and, according to rumors, the company is expected to add 5 new mutual funds for cryptocurrency, Tezo, among them.

The Tezos Trust will operate in a similar way to the rest of the old mutual funds managed by the company.

Grayscale will hold a fixed amount of “XTZ” per share and fund, and accredited investors will be able to purchase it through OTC regulated brokers in the USA.

Read also:

What is GBTC stock? How does investment firm Grayscale absorb bitcoin?

Will decentralized finance continue to grow, or is it just a bubble that will soon end?